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05-22-2008, 09:26 AM #1
Renter
- Join Date
- May 2008
- Posts
- 4
Replacement cost analysis?
Last year my home was estimated to have replacement cost of $80000 up from $60000 and of course this increased the premium. Do I have any control over this? Do I have the option of leaving it at $60000? I don't care if I come up short if it burns. I can't get a straight answer from the agent or the inusurance company not suprisingly.
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09-15-2008, 09:10 AM #2
Condominium
- Join Date
- Jun 2008
- Posts
- 184
Replacement cost on homes
I wanted to reply back to your post as it looks like there were no other replies as of yet.
First things first (which you probably have already done), give a call to your insurance agent that you have on this property.
Here is my experience: I personally have a number of investment properties here in the Minneapolis market. Primarily homes, some townhomes and a duplex as well. I have found replacement cost on the properties to increase each year as well.
With the increase is oil and gas prices (and seemingly everything else), it now costs more to replace that home if it was severely damaged.
Again, I am not an insurance agent, but I would suggest you calling him or her directly. I hope this helps!Minnesota MLS & Minneapolis MLS Search homes for sale in Minneapolis, St Paul at MN Multiple Listing Service. We specialize in buying and selling residential and investment properties. Start Minnesota MLS search for all Minneapolis real estate for sale in Twin Cities, MN
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